RBC Bearings gets $150 million revolver

By Sara Rosenberg

New York, June 27 - RBC Bearings Inc. closed on a new $150 million five-year senior secured revolving credit facility, according to a company news release.

KeyBanc Capital Markets and JP Morgan Securities Inc. acted as co-lead arrangers and joint bookrunners on the deal.

There is a $75 million accordion feature.

The revolver pricing is grid based, with initial pricing set approximately 175 basis points lower than the company's prior credit facility.

At close, about $78 million was drawn under the revolver to retire $78 million of term loan debt outstanding in its prior credit facility and replace $21 million of outstanding letters of credit.

Borrowings are also available to fund working capital and potential acquisitions.

RBC is an Oxford, Conn.-based manufacturer of highly engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries.

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